The Central Bank of Nigeria Governor, Olayemi Cardoso, has clarified that the regulation of cryptocurrency transactions falls under the jurisdiction of the Securities and Exchange Commission (SEC), not the CBN.
Cardoso said this at the apex bank 294th meeting of the Monetary Policy Committee (MPC).
The meeting was on Tuesday in Abuja where Cardoso also shared the updates of the ongoing collaboration between the CBN, SEC, the Economic and Financial Crimes Commission (EFCC), and the Office of the National Security Adviser,
He said it has been yielding positive results over the past month. The CBN governor also disclosed the recent increase in interest rates by the MPC to be from 22.75% to 24.75%.
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However, the clarification addresses concerns about the government’s clampdown on crypto exchange platform Binance, which was flagged for suspicious transactions totaling $26 billion last year during the previous MPC meeting in February.
Mr Cardoso said “We consider ourselves as having the wherewithal to collaborate with other agencies of government and that is a very important function for us.
“About a month ago, we actually did have collaboration with law enforcement agencies, EFCC, the SEC and other regulatory bodies as well, and what came out of that, is a work in progress, but very positive as far as I can say.
“The NSA, we’ve been sharing information together. However, in this particular case, the responsibility for regulating cryptocurrency is not our role, it isn’t ours; it is strictly that of the Security and Exchange Commission, not our responsibility.”
